Core Viewpoint - The article highlights the critical role of the Daqin Railway in ensuring coal supply for power plants amid extreme high temperatures and record electricity demand in China during July 2023 [1] Group 1: Industry Overview - The Daqin Railway, known as "China's first heavy-load railway," plays a vital role in the transportation of coal, carrying 1/5 of the national coal volume and serving over 300 power plants across 26 provinces, autonomous regions, and municipalities [1] - The national maximum electricity load has surpassed 1.5 billion kilowatts for the first time, indicating a significant increase in energy demand during the summer peak [1] Group 2: Operational Strategies - To ensure sufficient coal supply for power plants, the Taiyuan Railway Bureau Group has enhanced communication with upstream and downstream enterprises, utilizing big data platforms to share real-time information on coal production, power plant inventory, and coal consumption [1] - The Daqin Railway has implemented a "five-priority" principle for coal transportation, which includes prioritizing train dispatch, empty car allocation, loading, departure, and unloading [1] - From July 1 to July 27, the Daqin Railway transported a total of 28.56 million tons of coal, maintaining an average of 20 days of coal consumption for downstream power plants [1]

Core Insights - The article highlights the extreme high-temperature weather across multiple regions in China since July, leading to a record national electricity load exceeding 1.5 billion kilowatts, marking a critical period for energy supply during the summer peak [1] - The Daqin Railway, known as China's "first heavy-load railway," is playing a crucial role in transporting coal, averaging 1.05 million tons of coal daily to meet the electricity demand during this peak season [1] Group 1 - The Daqin Railway is a vital transportation channel for coal, connecting Shanxi Datong in the west to Hebei Qinhuangdao in the east, and it accounts for one-fifth of the national railway coal transport volume [1] - The railway services over 300 power plants across 26 provinces, autonomous regions, and municipalities, ensuring a broad reach for coal supply [1] - To ensure sufficient coal supply for power plants, the Taiyuan Railway Bureau has enhanced communication with upstream and downstream enterprises, utilizing big data platforms to share real-time information on coal production, power plant inventory, and coal consumption [1] Group 2 - The Taiyuan Railway Bureau has implemented a "five-priority" principle to improve coal transport efficiency, focusing on prioritizing train dispatch, empty train allocation, loading, departure, and unloading [1] - The average turnaround time for coal trains has been reduced to 1.82 days, a decrease of 0.19 days year-on-year, further enhancing the efficiency of the Daqin Railway [1] - From July 1 to July 27, the Daqin Railway transported a total of 28.56 million tons of coal, maintaining an average of 20 days of coal consumption for downstream power plants [2]

中新网太原7月28日电 (任丽娜)7月以来，全国多地遭遇极端高温天气，全国最大电力负荷创15亿千瓦历 史峰值，迎峰度夏能源保供工作进入关键期。7月28日，国铁太原局发布消息，"中国重载第一路"大秦 铁路日均运送煤炭105万吨，全力保障迎峰度夏电煤需求。 7月份截至27日，大秦铁路累计运输煤炭2856万吨，下游电厂电煤可耗天数保持在20天左右。(完) 大秦铁路西起山西大同，东至河北秦皇岛，是中国"西煤东运"重要通道，承担着全国铁路五分之一的煤 炭运量，用户群覆盖全国300多家电厂，辐射26个省(市、自治区)。 大秦铁路日均运煤超100万吨保障迎峰度夏。叶春蕾 摄 为确保电厂存煤充足，国铁太原局加大与上下游企业沟通力度，运用大数据平台实时共享煤矿产量、电 厂库存及电煤消耗等数据，"一企一策"制定针对性保供方案，全力组织电煤中长协直达列车开行，满足 电厂用煤需求。 为进一步提升大秦铁路电煤运输效率，国铁太原局对电煤列车坚持优先批车、优先配空、优先装车、优 先放行、优先卸车的"五优先"原则。同时，坚持以卸车保装车，与港口合署办公，动态调配秦皇岛、曹 妃甸等港口垛位与翻车机资源，对电煤列车"即到即卸、即卸即返"，做到重 ...

| 688120 | 华海清 | 5 | 1.08 | 4.02 | 5.15 | | --- | --- | --- | --- | --- | --- | | | 科 | | | | | | 300203 | 聚光科 | 6 | 0.99 | 4.90 | 6.41 | | | 技 | | | | | | 688503 | 聚和材 | 5 | 0.98 | 5.57 | 9.57 | | | 料 | | | | | | 600730 | 中国高 | 5 | 0.95 | 7.96 | 16.52 | | | 科 | | | | | | 300870 | 欧陆通 | 5 | 0.90 | 3.85 | 3.84 | | 600038 | 中直股 | 5 | 0.85 | 4.87 | 1.76 | | | 份 | | | | | | 002637 | 赞宇科 | 5 | 0.84 | 5.61 | 7.78 | | | 技 | | | | | | | 申菱环 | | | | | | 301018 | 境 | 5 | 0.80 | 4.91 | 9.67 | | 000708 | 中信特 | 5 | 0.75 ...

数据统计显示，沪深300运输业指数近一个月下跌0.29%，近三个月上涨4.58%，年至今上涨0.04%。 金融界7月28日消息，上证指数高开震荡，沪深300运输业指数 (300运输业，L11618)报3882.46点。 从沪深300运输业指数持仓样本的行业来看，铁路运输占比37.56%、快递占比21.76%、航运占比 21.21%、航空运输占比19.47%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行 业。沪深300行业指数系列分别以进入各一级、二级、三级、四级行业的全部证券作为样本编制指数， 形成沪深300行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样 ...

Investment Rating - The transportation industry is rated as "stronger than the market," indicating an expected relative increase in the industry index of over 10% compared to the broader market within the next six months [30]. Core Insights - After three consecutive quarters of decline, the public fund holdings in the transportation industry saw a rebound in Q2 2025, although it remains underweight. The total market value of public fund holdings in the SW transportation industry reached 48.252 billion yuan, a 13.3% increase from Q1 2025, accounting for 1.57% of the total market value of public fund holdings in A-shares, which is still below the benchmark ratio by 1.86 percentage points [2][10]. - The performance of the SW transportation industry index increased by 2.71% in Q2 2025, achieving a relative return of 2.17% compared to the CSI 300 index [2][10]. - There is a divergence in the changes in holdings across sub-industries, with the aviation and logistics sectors seeing an increase in holdings, while the shipping ports and railway-highway sectors experienced a decline [3][23]. Summary by Sections Overall Industry - The public fund's heavy allocation ratio in the transportation industry has increased for the first time in nearly a year, with a total market value of 48.252 billion yuan as of Q2 2025, marking a 13.3% increase from the previous quarter [10][2]. - The industry remains underweight compared to the benchmark, with a slight recovery in the allocation ratio [10][2]. Sub-Industries and Individual Stocks - The logistics sector, particularly the express delivery industry, has seen significant increases in holdings, with major stocks like SF Holding experiencing a market value increase of 6.163 billion yuan [3][23]. - The aviation sector has benefited from domestic demand expansion policies, leading to a recovery in aviation demand and improved performance in the sector [23][26]. - Conversely, the shipping ports and railway-highway sectors have seen a reduction in holdings, with a general trend of decreased investment in these areas [3][23]. Investment Recommendations - High-dividend sectors such as highways are expected to benefit from long-term capital inflows and are recommended for continued attention [29].

Core Viewpoint - The AI Fund, CITIC Prudential Dividend Select A (008091), reported a profit of 329,100 yuan for Q2 2025, with a weighted average profit per fund share of 0.0235 yuan. The fund's net value growth rate was 1.57%, and its total scale reached 22.47 million yuan by the end of Q2 2025 [3][16]. Fund Performance - As of July 17, the fund's unit net value was 1.633 yuan. Over the past year, the fund achieved a cumulative net value growth rate of 10.38%, ranking it highest among its peers, while CITIC Prudential New Blue Chip had the lowest at -0.2% [3]. - The fund's net value growth rates over different periods are as follows: 4.51% over the last three months (ranked 543/615), 4.91% over the last six months (ranked 480/615), and 14.74% over the last three years (ranked 29/324) [4]. Investment Strategy - In Q2 2025, the fund adjusted its holdings towards high-dividend stocks, slightly increasing the concentration of its portfolio. The external environment has become more complex, with increasing trade barriers, but the overall economic operation in China remains stable and improving [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.4308, ranking 17/319 among comparable funds. The maximum drawdown over the same period was 14.64%, with the largest single-quarter drawdown occurring in Q1 2022 at 14.53% [10][12]. Portfolio Composition - The average stock position of the fund over the past three years was 88.66%, compared to the industry average of 83.13%. The fund reached a peak stock position of 92.3% in mid-2021 and a low of 70.57% in Q1 2020 [15]. - As of Q2 2025, the top ten holdings of the fund included Midea Group, Yangtze Power, Bank of Communications, Hangzhou Bank, Industrial and Commercial Bank of China, Jiangsu Bank, China Merchants Bank, Gree Electric Appliances, Daqin Railway, and Industrial Bank [19].

Core Viewpoint - The China Securities Index Transportation Industry Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Industry Index reported a decrease of 0.91% over the past month, an increase of 3.46% over the last three months, and a year-to-date increase of 0.05% [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various industry levels [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Transportation Industry Index are: SF Express (9.92%), Beijing-Shanghai High-Speed Railway (9.56%), COSCO Shipping Holdings (9.55%), Datong Railway (9.49%), Spring Airlines (4.07%), YTO Express (3.58%), China Merchants Energy Shipping (3.05%), Jianfa Holdings (2.8%), Wuzhou International (2.71%), and Blue Lithium (2.49%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (73.43%) and the Shenzhen Stock Exchange (26.57%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: logistics (23.54%), shipping (23.29%), railway transportation (22.73%), express delivery (16.98%), air transportation (10.96%), road transportation (2.16%), and public transport (0.33%) [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].

Core Viewpoint - The Shanghai Public Utility Index has shown a slight decline of 0.25% recently, reflecting the overall performance of the public utility sector in the Shanghai Stock Exchange [1] Group 1: Index Performance - The Shanghai Public Utility Index closed at 4604.42 points with a trading volume of 31.554 billion yuan [1] - Over the past month, the index has increased by 0.35%, while it has risen by 0.89% over the last three months, but has decreased by 3.08% year-to-date [1] Group 2: Index Composition - The index is composed of stocks and depositary receipts from five major industry categories: industrial, commercial, real estate, public utilities, and comprehensive [1] - The top ten weighted stocks in the index include: - Beijing-Shanghai High-Speed Railway (7.69%) - China Nuclear Power (5.42%) - China Unicom (4.79%) - Huaneng Water Power (4.79%) - Shanghai Port Group (3.78%) - Daqin Railway (3.66%) - Three Gorges Energy (3.48%) - China Communications Construction (2.99%) - China Railway Construction (2.68%) - Air China (2.64%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 51.38%, public utilities for 33.99%, communication services for 8.94%, consumer discretionary for 1.76%, energy for 1.69%, materials for 1.00%, financials for 0.84%, and real estate for 0.39% [2] Group 4: Index Sample Management - Stocks are included in the index based on their market capitalization ranking in the Shanghai market, with specific rules for inclusion and exclusion based on risk warnings and corporate actions [2]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]